New Delhi [India], December 5 (ANI): The Directorate of Enforcement (ED) on Monday said it had attached assets worth Rs 30.70-crore of Bijoy AK, commission agent of Karuvannur Service Co-Operative Bank, under the Prevention of Money Laundering Act in a fraud and cheating case.
The agency said the attached assets included 20 immovable properties consisting of land and building in Kerala, two vehicles (Innova and Audi), Rs 3,40,000 cash in Indian rupee and foreign currency equivalent to Rs 2,08,124, totalling to Rs 5,48,124, and balances in 57 bank accounts belonging to Bijoy and his firms, amounting to Rs 35,86,990.
According to a statement from the agency, Bijoy AK was illegally sanctioned and disbursed a loan to the tune of Rs 26.60 crore in cash without any collateral due to a systematic conspiracy hatched and perpetuated by the secretary and committee members of the Bank since the year 2010.
ED initiated a money-laundering investigation on the basis of first information reports (FIRs) registered by Kerala Police. Kerala Police (Crime Branch) has registered more than 16 FIRs in Thrissur district regarding fraud in Karuvannur Service Co-Operative Bank.
The agency said the money-laundering investigation so far had revealed that multiple bogus loans were sanctioned by the Bank on the same property without the knowledge of members of the Society. The loan amounts were disbursed in cash and also huge cash deposits were found in books of account of the Bank. The Karuvannur Service Co-Operative Bank was also under the scrutiny of Registrar of Co-Operative Societies in Thiruvananthapuram. After FIR was registered in July 2021, the Registrar in their audit found diversion of more than Rs 100 crore.
Earlier on August 10, 2022, ED said it had conducted search at six locations including a branch of the cooperative Bank in Irinjalakuda, Thrissur. Further investigation is under progress, it added. (ANI)